Legal & General Group Plc Invests $19.02 Million in Mueller Industries, Inc. $MLI

Legal & General Group Plc acquired a new stake in shares of Mueller Industries, Inc. (NYSE:MLI) during the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 154,749 shares of the industrial products company’s stock, valued at approximately $19,023,000.

Other large investors also recently modified their holdings of the company. Activest Wealth Management bought a new stake in Mueller Industries in the 4th quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Mueller Industries during the second quarter valued at approximately $29,000. Arlington Trust Co LLC bought a new position in Mueller Industries during the second quarter valued at approximately $30,000. NBT Bank N A NY raised its stake in shares of Mueller Industries by 148.7% during the first quarter. NBT Bank N A NY now owns 286 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 171 shares in the last quarter. Finally, Brown Brothers Harriman & Co. purchased a new position in shares of Mueller Industries during the fourth quarter worth approximately $34,000. 94.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MLI has been the subject of a number of research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research note on Friday, July 17th. Northcoast Research upgraded shares of Mueller Industries from a “neutral” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Thursday, July 16th. Finally, Wall Street Zen downgraded shares of Mueller Industries from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 25th. Two analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $75.00.

Mueller Industries Price Performance

Shares of MLI stock opened at $62.45 on Tuesday. The business has a 50-day moving average of $63.02 and a 200 day moving average of $62.64. Mueller Industries, Inc. has a 1-year low of $47.11 and a 1-year high of $71.12. The stock has a market capitalization of $13.81 billion, a PE ratio of 16.26 and a beta of 1.11.

Mueller Industries (NYSE:MLI) last announced its quarterly earnings results on Tuesday, July 21st. The industrial products company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. Mueller Industries had a return on equity of 25.68% and a net margin of 18.25%.The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the previous year, the firm earned $1.96 EPS. The business’s quarterly revenue was up 25.5% on a year-over-year basis.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be issued a $0.175 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.70 annualized dividend and a dividend yield of 1.1%. Mueller Industries’s dividend payout ratio (DPR) is currently 18.23%.

Insider Buying and Selling

In other Mueller Industries news, CEO Gregory L. Christopher sold 200,000 shares of the stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $68.44, for a total transaction of $13,688,000.00. Following the completion of the sale, the chief executive officer owned 1,598,850 shares of the company’s stock, valued at $109,425,294. This represents a 11.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John B. Hansen sold 2,444 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $67.72, for a total transaction of $165,507.68. Following the completion of the sale, the director directly owned 181,328 shares in the company, valued at approximately $12,279,532.16. This trade represents a 1.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 275,444 shares of company stock valued at $18,885,398 over the last three months. 2.30% of the stock is owned by company insiders.

Mueller Industries Company Profile

Mueller Industries, Inc is a diversified manufacturer and marketer of copper, brass, aluminum and plastic products. Headquartered in Memphis, Tennessee, the company serves a wide range of markets including HVAC (heating, ventilation and air conditioning), refrigeration, plumbing, industrial gas, automotive and agricultural sectors. Its product portfolio encompasses copper and plastic tubing, brass fittings, valves and related components designed for fluid handling and temperature control applications.

The company operates through multiple business segments, including the Plumbing & Refrigeration segment, which supplies copper and plastic tubing, fittings and valves for residential and commercial construction markets; the Industrial Metals & Mining segment, which provides aluminum shapes and specialty brass products for industrial applications; and the Climate segment, which focuses on copper tubing and components for air conditioning and refrigeration systems.